Deal news and falling oil prices helped support stocks, but gains were limited by hesitation after the recent run and the ongoing trade talks between Treasury Secretary Henry Paulson and Chinese officials.
Oil prices rose on Wednesday as some traders bet that U.S. gasoline supplies would fall ahead of peak driving season, and as the market awaited an international body's report on Iran's nuclear programme.
The SP 500 and the Dow industrials couldn't quite manage new all-time records.

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